Adobe Revenue Beats - Guides Down

March 24, 2022

Adobe reported financial results for its first quarter fiscal year 2022 ended March 4, 2022. Adobe’s Q1 revenue grew 9.1% to $4.26 billion, which beat the consensus.

The firm gave weak guidance. Revenue is seen by Adobe to be about $4.34 billion in the fiscal second quarter. Wall Street was looking for Q2 revenue of $4.4 billion. Adobe guided it's Q2 profit at about $3.30 a share. But, the consensus Q2 profit was set at $3.35 a share.

The war in Ukraine will shave Adobe's revenue by $75 million in the fiscal year. Adobe has stopped  all new product sales in Russia and Belarus.

“Adobe achieved record Q1 revenue as Creative Cloud, Document Cloud and Experience Cloud continue to be pivotal in driving the digital economy,” said Shantanu Narayen, chairman and CEO, Adobe. “Adobe is committed to empowering individuals, transforming businesses and connecting communities.”

“Adobe’s Q1 results reflect the company’s strong execution and resilience through unprecedented circumstances,” said Dan Durn, executive vice president and CFO, Adobe. “Our momentum, product innovation and immense market opportunity position us for success in 2022 and beyond.”

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